Moven Partners With Russian E-Wallet Provider Yandex.Money
A #Russian e-wallet adds spending intelligence through a a partnership with #Moven.
Financial Technology
Recent Updates Page 17 Toggle Comment Threads | Keyboard Shortcuts
-
user
-
user
CLS And IBM Expand FX Matching Beyond CLS Settlement Participants
CLS is extending its facilities for FX #matching to currencies that aren’t included in its #settlement services, using distributed ledger #technology.
Financial Technology -
user
How Fintech Has Improved the Foreign Exchange Market
From the use of artificial intelligence to bank apps to chatbots, #Fintech has become a behemoth force to reckon with in today’s world.
Fintech was coined from “Financial #technology”. It simply refers to the use of technology across all functions and facets of financial services.
It is impossible to disregard Fintech as a solid aspect of change in the world today.
All trends also indicate that it could only get better.
Particularly, the foreign #exchange sector is enjoying this advancement in technology. Those conversant with the foreign exchange sector can attest to the revolution and scalability associated with fintech.
It is pertinent to note that foreign exchange is not Forex. Forex refers to a decentralized global market where the currencies in the world are traded with leverage. Forex is also referred to as currency trading.
Foreign exchange on the other hand, is the conversion of different currencies. Here, no leverage is involved. This does not mean foreign exchange cannot generate profit as a business. With a good understanding of the pros and cons of the financial market, it is highly lucrative as well.
How Fintech Has Made the Foreign Exchange Market Better and Stronger:
-
A Drastic Reduction in The Cost of Foreign Exchange Fees
A major challenge for many that deal with foreign exchange frequently is costs required in executing transactions. Such transactions include transfers and remittances. Fintech has worked in this space to cut down the costs associated with foreign exchange. This advantage is not only beneficial to only customers, but to the #banks as well. Fees have drastically reduced and networks now easily render services that were out of their capacity in previous years. The access of customers to smartphones is also a major plus for the fintech industry, as processes could be carried out in a matter of seconds.
As a result of the drastic reduction in dealing with foreign exchange, several people are drawn to this market. Hence, there is an overall boom and the market gets more stable with every new fintech development.
For cross-border remittances, minimization and elimination of fees is now possible. This is all possible; thanks to fintech.
Fintech has helped in getting closer towards achieving the United Nation SDG of a global 3% transaction cost.
-
Reduction of the Incidences of Fraud in dealing with foreign exchange
All of over the world, financial institution experience all kinds of fraud attacks. In the foreign exchange sector especially, fraud is still a thorn in the flesh. In today’s fintech powered world, devices can be tracked and traced after certain transactions with foreign exchange.
Biometrics like vocal patterns, facial recognition, thumbprints and irises are now used for authentication. These kinds of verifications can also be performed on the user’s smartphone. Online payment apps are taking advantage of fintech in this respect.
-
The Emergence of #Blockchain
Trust is necessary for dealing in the foreign exchange market. The blockchain which is highly trusted, has entered the fintech space. In Blockchain, no historical data can be altered without a generalized agreement from all participants of the network. A system administrator or a user in a single entity can’t make changes to the data on a blockchain without having an agreement from every participant. This provides a perfect platform trading and reduction in criminal activities, as nothing is done in the hidden.
-
Artificial Intelligence
Gradually, problems of money laundering are going into extinction. The anti-money laundering departments of many banks now use artificial intelligence. Machine learning is also helpful. This is because fintech has helped in combating laundering as well as other frauds. The availability of data in the technological space makes it easier. Although, there are several hindrances, the process is steadily at work. Fintech’s relevance in foreign exchange continues to evolve. Fintech is moving to the point of being at the very center of foreign exchange. Reaching that milestone will indicate real progress.
Conclusively:
Indeed, with fintech, the world’s finance has taken its place within the sphere of this “global village”. It is more important that the world at large embraces and understands the advancement in fintech.
[linkedinbadge URL=”https://www.linkedin.com/in/demioye” connections=”off” mode=”icon” liname=”Demi Oye”] Demi Oye is Freelance Writer in Fintech
-
-
user
Paris Fintech Forum 2019: discover the 100+ first confirmed speakers
DISCOVER THE 100+ FIRST CONFIRMED SPEAKERSFintechna is proud to be a partner of the 4th edition of the Paris #Fintech Forum, the most exclusive digital finance and Fintech event in Europe, which will be held on January 29th and 30th, 2019.
We are happy to share with you the names of the first confirmed speakers of this exceptional edition.
Please discover the first confirmed speakers :
If you can’t see the image above, please find in text format an extract of the list of the first speakers confirmed:
- C. Lagarde, Managing Director, International Monetary Fund (United States)
- B. Le Maire, Minister of Economy & Finance, French Government (France)
- J. Van Overtveldt, Minister of Finance, Belgian Government (Belgium)
- V. Šapoka, Minister of Finance, Republic of Lithuania (Lithuania)
- F. Villeroy de Galhau, Governor, Banque de France (France)
- C. Torres Vila, CEO, BBVA (Spain)
- P. Brassac, CEO, Crédit Agricole (France)
- L. Mignon, CEO, BPCE (France)
- F. Oudéa, CEO, Société Générale (France)
- M. Gabriel, Commissioner for Digital Economy and Society, European Commission (Belgium)
- T. Buberl, CEO, AXA (France)
- N. Dufourcq, CEO, Bpifrance (United-States)
- V. Colella, CEO, Citi Ventures (France)
- G. Leibbrandt, CEO, SWIFT (Belgium)
- N. Espenilla, Governor, Bangko Sentral ng Pilipinas (Philippines)
- V. Stalf, CEO, N26 (Germany)
- K. Petralia, President, Kabbage (United States)
- D. Vélez, CEO, Nubank (Brazil)
- B. Garlinghouse, CEO, Ripple (United States)
- N. Storonsky, CEO, Revolut (United Kingdom)
- M. Mullen, CEO, Atom Bank (United Kingdom)
- K. Käärmann, CEO, TransferWise (United Kingdom)
- C. Egly, CEO, Younited Credit (France)
- A. Boden, CEO, Starling Bank (United Kingdom)
- L. Le Moal, CEO, PayU (Netherlands)
- I. Ahmed, CEO, WorldRemit (United Kingdom)
- L. Kemp, CEO, Everledger (United Kingdom)
- N. Sebastiao, CEO, Feedzai (Portugal)
- V. Llewellyn, President, Ovamba (Cameroon)
- Y. Assia, CEO, eToro (Israel)
You can discover all the 120+ confirmed speakers by clicking hereParis Fintech Forum 2019 will gather 2,600+ attendees over 2 days, coming from 70+ countries, to listen to 220+ CEOs speakers, from fintechs, #banks, insurances, telcos & regulators. On 6 content stages will be held panels, workshops, interviews and 60+ pitches by Fintechs’ CEOs from all over the world.
-
user
Shazam! Some Experts Fell For a Fake Product From A Nonexistent Company In A Fraud Test
Cyber and security professionals showed a charming willingness to provide personal information to a #fake #company with a fake #product set up for International #Fraud Awareness Week.
Financial Technology -
user
Economic Volatility Ahead, Proceed With Caution, Forrester Warns Banks
#Forrester urges #banks to be cautious #ahead of #volatility, but then charts some aggressive steps they need to take
Financial Technology -
user
Digital Reasoning Brings AI To Wealth Management
#Wealth #management firms want to know how well their advisers are doing, if customers have complaints, if customers want different products and whether they are likely to leave. They are using artificial intelligence to learn what their customers are thinking in time to take action.
Financial Technology -
user
Nerdwallet Wants To Make Comparison Shopping For Financial Services Simple
#Nerdwallet cuts through the complexity of #financial products like credit cards so consumers can see which fit their needs, from cash back to earning miles.
Financial Technology -
user
Funding for Deep Technology – From Concept to Commercial Reality
The Funding for Deep #Technology Fair is the meeting place for ambitious scientists, entrepreneurs, innovators, investors and funders working in Artificial Intelligence, Big Data, Cyber Security, Robotics, #Blockchain and other Deep Technologies.
Join Informed Funding in London to find out how to turn technology breakthroughs into commercialised products or services; which finance and resources are available to Deep Tech start-ups; and how start-ups can shape their offering to appeal both to large companies and canny investors.
Plexal, in London’s Olympic Park, is now Europe’s largest innovation hub for Deep Technology. On 8 November, the worlds of technology and finance will come together for a day of knowledge sharing, insight and networking. We have a packed day of talks and workshops, all housed at this amazing location.
Speakers include James Hickson, CEO of #FinTech scale-up Mash, and 2018’s most influential AI CEO and entrepreneur David Murray-Hundley who leads London Tech Advocates as well as representatives from, the London Office for Rapid Cyber Advancement (LORCA) and global patent, trade mark and design attorneys Reddie & Grose, and the Head of M&A and Ventures from Hiscox. There will be a wide range of investors at the event.
Find out more at http://www.fundingfordeeptech.informedfunding.com
Only for subscribers, and first come first serve, we have 20 tickets at a 50% discount on Monday 5th November at 11:30pm (GMT)
Register here for a discounted ticket, or use the link below by 5th November:
-
user
Citizens Bank Will Launch Real-Time Payments For Commercial Accounts in 2019
#Citizens #Bank, an owner bank of TCH, will begin faster #payments on its #commercial #accounts in #2019.
Financial Technology
Reply